Mar. 18, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. You currently have approved a bitcoin futures based ETF, a derivative of the spot bitcoin price, yet you refuse to approve a bitcoin ETF based on the underlying spot price. I.e., a derivative as a basis for the ETF price is fine, but using the underlying asset as a basis is not? Seriously? Other countries with regulated markets have approved a spot ETF, the US needs to get behind this. Please expedite this approval. Sincerely, Jack Rundle ________________________________ John Rundle Distinguished Professor University of California